Struggling electronics and machinery giant Toshiba Corp. is considering selling U.S. subsidiary Westinghouse Electric Co. as one of its options in an ongoing review of its overseas nuclear operations, sources have said. Toshiba is expected to suffer a loss of up to ¥680 billion from its U.S. nuclear plant business. Against this background, Toshiba aims to eliminate risks of incurring further losses in the future by selling Westinghouse or lowering its equity stake in the unit that builds nuclear power plants, the sources explained. As it appears difficult for Toshiba to find a buyer of Westinghouse, which is reeling under heavy losses, the parent company is considering various options, including selling some of the unit’s profitable segments, such as nuclear fuel business. Toshiba bought Westinghouse for some ¥490 billion in 2006. Toshiba will announce on Feb. 14 a precise amount of its nuclear business loss and corrective measures, and its earnings for April to December last year.
Japan Times 31st Jan 2017 read more »